California fintech Point secures $115m Series C to accelerate growth
California-based home equity financing platform Point has landed $115 million in Series C funding as it looks to invest in new products and technology to accelerate its growth.
The round was led by WestCap and saw participation from existing investors Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management and DAG Ventures.
New investors include Deer Park Road Management, The Palisades Group and Alpaca VC.
Point enables homeowners to unlock equity from their homes while giving institutional investors a cut of the $25 trillion US residential home equity market.
The platform allows homeowners to release up to $500,000 in equity with no monthly payments, no income requirements and no need for perfect credit. In exchange for the capital, homeowners share a piece of their future home price appreciation with investors.
Point CEO Eddie Lim says: “We expect this additional capital to accelerate our growth as we help cash-constrained homeowners and home buyers build financial stability and achieve their financial dreams.”
Point says it experienced rapid growth in Q1 2022, with funding volume more than five times what it was a year earlier.
The Series C cash will allow Point to scale its home equity platform, invest in new products, expand its ecosystem of partners and customers and move into 12 new territories beyond the current 16 US states and the District of Columbia.